The broadcast of the 35th Hong Kong Film Awards Presentation Ceremony reportedly has been cancelled in the Chinese mainland after a politically sensitive film was nominated for Best Film.

Derek Yee Tung Sing, chairman of the Hong Kong Film Awards Association, confirmed he had been informed that the ceremony will not be aired in the mainland, Hong Kong-based daily Ming Pao reported on Saturday.

Some HK$5 million ($640,800) in broadcasting revenue stands to be lost if website qq.com - the designated mainland online broadcaster - reneges on the contract, according to Yee.

The organizer is funded by the Hong Kong government and does not face financial pressures, Yee said.

The chairman explained that he respected the company's decision to cancel the broadcasting contract.

"It would be a pity if the mainland audience cannot watch the ceremony," he said, noting that the presentation ceremony has received a total of 200 million views around the globe in the past, with the mainland serving as the main contributor of online views.

Tencent, parent company of qq.com, could not be reached by the Global Times as of press time.

The film Ten Years imagines Hong Kong in the year 2025 and covers a range of topics in the city, including the legislation of a national security law and the teaching of Mandarin in schools.

The independent film, produced for the low cost of HK$500,000, received "unexpected" success after it debuted on December 17, 2015.

"We initially thought we were only going to show it in private screenings and had never expected such huge demand," Ng Ka-leung, one of the five directors of the film, was quoted by The New York Times as saying.

The film grossed nearly HK$6 million at local box offices from December to February, according to Ming Pao.